With a population of only about 750,000 people, Guyana is located next to the Venezuela, a previous oil power now in a deep decline from geopolitical and financial instability.

The report comes just after Exxon Mobil increased its reserve estimates offshore of Guyana by 25 percent after making a 10th discovery in the region. Exxon is continuing to explore in what's called the deepwater Stabroek block.

"With 17 prospects still to drill, Stabroek is writing Guyana's future," stated Luiz Hayum, a Latin American research analyst at Wood Mackenzie, arguing that Guyana could jump past all Latin American and South American countries except Brazil.